Egypt's budget deficit hits EGP 144bn in 5M – MoF

Cairo – Mubasher: Data released by the Egyptian Ministry of Finance (MoF) has showed an increase in the budget deficit by 4.25% in the first five months of the fiscal year 2016-2017.

In its monthly report, the MoF stated that the country's budget deficit reached EGP 144.4 billion ($7.64 billion), representing 4.4% of gross domestic product (GDP) in the period from July to November 2016.

This is compared to a deficit of EGP 138.5 billion, which represented 5% of GDP in the corresponding period of the previous fiscal year, according to the report released on Thursday.

Egypt's fiscal year begins in July and ends in June the following year.

The government's general revenues reached EGP 174.3 billion during the five-month period compared to EGP 160.1 billion a year ago, while expenses grew to EGP 314.4 billion from EGP 289.4 billion.

Tax revenues reached EGP 122.4 billion in the period, up from EGP 51.9 billion in the five-month period of FY 2015-2016.

The overall budget deficit for the fiscal year 2016-2017 is estimated at around EGP 319.46 billion, compared to EGP 339.5 billion in fiscal 2015-2016, according to the report.

Mubasher Contribution Time: 20-Jan-2017 08:59 (GMT)
Mubasher Last Update Time: 20-Jan-2017 09:03 (GMT)